What is the Best Insurance Company for Landlord Insurance 2018?

As a landlord, you need the best insurance company for landlord insurance for properties rented out. This type of insurance cover typically includes the same kind of protection as provided by a standard house insurance like buildings and contents coverage in the event of certain specific circumstances taking place or happening. It is, however more than a standard homeowner’s policy in terms of coverage. If you own property that you perhaps wish to rent out there is no legal requirement stating that you must have some form of insurance.

Investment experts, however, recommend taking up coverage from one of the best insurance company for landlord insurance providers as they have them designed specifically for that purpose. This is because standard home policy will not take into consideration the potential risks that you are likely to face as a landlord. This includes loss of rent in case your tenants are forced to move out after an event that is insured occurs or covering you as a landlord against liability costs.

What Does Landlord Insurance Cover?

The best insurance company for landlord insurance covers a number of must-haves for anyone who owns an investment property that is not getting coverage from other types of insurance policies. Perhaps the best thing is that because landlords insurance is an investment expense, the premiums become tax deductible.

The key components you get from landlord insurance include:

  • Burglary or theft by tenants or their visitors/guests.
  • Vandalism or malicious damage by your tenants or their visitors/guests.
  • Rent loss due to defaulting by your tenant(s).
  • Medical assistance for potential injuries occurring in your rented premises.
  • Legal expenses arising from having to evict a tenant(s).

There are a number of aspects that are crucial to confirm when buying your landlord insurance. This includes the policy terms and conditions, items covered and not covered (exclusions), and the applicable excess when you submit a claim. Often, these elements vary from one insurance provider to the next one, so it is important to look for the best insurance company for landlord insurance that meets your specific concerns and requirements.

1. USAA Life Insurance Company

A good landlord insurance policy bought from the best insurance company for landlord insurance providers will give you protection against several things or events that your standard home and contents policies don’t typically cover. While you can cover your rented property using a home and contents policy, landlord insurance, however, goes a bit further. It is particularly recommended for a first-time landlord who is seeking protection against potential property and liability claims.

Also known rental property insurance, this type of insurance from USAA Life Insurance Company becomes beneficial if you:

  • Want to help protect your building/property that is tenant-occupied.
  • Minimize potential medical and legal costs in case tenants file a lawsuit against you.
  • Want coverage in case of rental income loss.
  • You are an investor who owns several investment properties

The fact is that your standard homeowner’s insurance will not give you the type of insurance coverage essential for rental properties. The coverages you get from USAA Life Insurance Company include:

  • Income ReplacementCovers you while your rental property is under repairs or being rebuilt due to physical damage arising from a loss that is covered by your specific landlord’s policy.
  • Personal Liability CoverageYou get covered if injury or loss occurs on your property. USAA pays for the medical expenses and associated legal fees.
  • Cover Multiple PropertiesYou get replacement cost coverage for multiple tenant-occupied rentals (up to 10). This insurer pays to replace your property plus the contents in case of damage from a fire, vandalism, etc.
  • Multi-Product DiscountYou can save up to 10 percent on your Rental Property Insurance if you opt to insure the primary property together with your auto.                                                  

Since 1922, USAA Life Insurance Company has been supporting its members, providing guidance and, and that partly explains why it is ranked among the best insurance company for landlord insurance providers in the US today.

2. Foremost Insurance

Foremost is rated among the best insurance company for landlord insurance providers. This is because they not only specialize in this particular niche but because they understand the needs of landlords. Foremost landlord insurance packages are available in the majority of states across the US and their contents vary.

As a landlord, it’s up to you to pick the package that best meets the needs of your rental property or you can also work with Foremost to create a customized policy. The typical components include:

  • Comprehensive Property CoverageThe insurer provides comprehensive property insurance covering unexpected physical losses. Also provided is an agreement covering loss settlement allowing you to make a cash claim if a dwelling gets damaged or destroyed by a sudden event.
  • Named Peril Coverage – Foremost Insurance offers you coverage for damages triggered by an earthquake, flood, fire, malicious mischief, theft, and vandalism. Also covered are structures like a duplex, triplex, quadruplex condominium, and single-type house.
  • Medical Assistance – You get medical assistance for injuries occurring within your premises. Foremost has discounts for you if hold multiple policies.

The insurer provides claim assistance, repair services as well as umbrella coverage. Umbrella insurance provides coverage for legal claims and also covers your future expenses. In addition, Foremost assists their clients through online payments and quotation processes, no wonder reviewers rate it among the best insurance company for landlord insurance providers.

Foremost is a good insurer worth considering as it has several types of properties covered and a broad range of insurance coverage options. Additional landlord protection options available from Foremost include:

  • Liability & personal injury.
  • Loss of rents.
  • Other structure coverage.
  • Water damage from drains & sewers.
  • Repair cost.

This Michigan-based company focuses on property insurance, recreational, and vehicle business insurance. Foremost is also a member of the highly respected Farmers Insurance Group of companies. Many reviews have rated Foremost as one of the best insurance company for landlord insurance providers today

3. Travelers Insurance

Cover your property investment with an insurer that ranks among the best insurance company for landlord insurance providers. The landlord policy available from Travelers is designed to protect your rental properties that contain from one to four units. Also covered are condominiums, apartments, single or multi-family homes that you may want to rent out to tenants on a commercial basis.

Property Coverages - Travelers’ landlord insurance policy generally provides owners of rental property coverage that goes a bit further than standard home insurance. It covers other structures that are used by your tenants like the shed or garage and any personal property you may have used to furnish the dwelling such as household appliances and furnishings.

Medical Payments When you purchase liability coverage from Foremost, a $1,000 limit is included. This provides coverage that will cater for medical expenses incurred on anybody who gets injured on your property or due to a condition existing on the property. This coverage is specifically for 3rd parties visiting the property and doesn’t apply to yourself or your regular residents.

Premises Liability - One of your main risks as a landlord is liability for losses occurring on the property. Liability coverage helps in protecting you from claims against property damage or bodily injury arising from the usage of your commercial property. As one of the best insurance company for landlord insurance providers, Travelers liability limits that can go up to $100,000 or more.

Loss of Use Coverage - Protects your rental income by providing some coverage if your property is being repaired for a covered loss and is not fit for tenants. This coverage is, however, subject to terms and limits.

The best insurance company for landlord insurance providers like Travelers, in addition, offers umbrella insurance coverage. This gives you additional coverage in case your liability goes above and beyond what your standard insurance policies can assist with in the event of unexpected events.

4. Heritage Insurance

Often, having commercial tenants can lead to property damage hence why you need the best insurance company for landlord insurance. In an ideal situation, a tenant should add value to your dwelling while living there. However, the reality is that your property and stuff gets worn and damaged. If for example, you are taking tenants into your furnished apartment and they end up damaging the furniture, your landlord’s insurance will help.

Heritage Insurance is focused on the commercial residential market. They provide a rich range of coverage and products options that are priced competitively. The goal of Heritage is to provide unparalleled service and products that serve landlords well.

  • Loss of Rental Income – This product is comparable to a homeowners Loss of Use package. It’s an insurance type that pays or covers you for lost rental income as a result of something that makes your property unlivable. This can be the result of a natural disaster or it can be caused by your tenants that make the dwelling unlivable.
  • While your house is under repairs, you obviously lose money as the tenants are obviously not paying. Loss of rents coverage from one of the best insurance company for landlord insurance providers ensures that over the period of repairs, you get some money.
  • Landlord Liability It has happened before to landlords. It just takes some guy to visit your property, trip over and fall down and in the process get hurt, and then you find yourself in a mess. You will be expected to meet his medical bills and pay lost wages as he can’t work for that period of injury.  Landlord liability insurance covers you for that as it covers such expenses.

Besides home insurance, Heritage Insurance offers commercial residential and rental property coverage through an extensive network of highly proficient independent agents. The team is dedicated to offering homeowners with some of the most competitive insurance rates at the highest quality possible. Heritage Insurance Holdings, Inc. is a NYSE publicly traded company and rated by market experts as one of the best insurance company for landlord insurance providers.